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Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit

Following our revelation that HSBC had been withholding large cash withdrawals from some if its clients – demanding to know the purpose of the withdrawal before handing over the customers’ money – it seems the anger among those clients that we exposed to tens of thousands of readers has forced HSBC’s hands. The bank issued a statement (below) this morning defending their actions – it’s for your own good – but rescinding the decision – “following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals.” Indeed, as one HSBC customer exclaimed, “you shouldn’t have to explain to your bank why you want that money. It’s not theirs, it’s yours.”